The Danger of Overpricing Your Fleming Island Home
Overpricing your Fleming Island home could cost you thousands!
As a seller wanting to sell your Fleming Island home, you want to get the most money out of your home. What most sellers do is price high and let the buyer bring them an offer. It sounds good, but it will cause you to lose thousands of dollars.
FACT: Buyers are not going to waste time looking at overpriced listings.
Think about it, in today’s market buyers have literally hundreds of houses to choose from. They are not going to go and personally look at every single home, it would take too much time. They’re going to pick the best ones based on what they’re looking for: bedrooms, bathrooms, neighborhoods, etc… Then, they’re looking for a deal or they are definitely not wanting to pay more than market value. If you were a buyer, what would you do?
Let me show you an example: Let’s say there are 5 homes in a neighborhood that fits the buyer’s needs. One is your home, overpriced, but hoping for a buyer to bring an offer and 4 others which are priced competitively. Which houses are they going to go look at? Assuming they have been looking for a couple of weeks, have seen 20 plus houses and are wanting to get their piece of real estate in Fleming Island. They’re going to look at the ones priced competitive and not give yours a second glance.
FACT: Buyers see an overpriced listing and assume the seller will be unrealistic in all their negotiations.
Now you may be saying, I’ll gradually lower my price, it won’t seem like such a shock. All you’re doing is prolonging the inevitable and reducing your net even more. Here’s why:
Overpriced Fleming Island Home Fleming Island Homes Price Competitively
FACT: By chasing the pack, you set yourself up for a lower net.
You’re chasing the pack (competing houses priced competitively) By chasing the pack you’re never getting a second glance from a prospective buyer because the pack is where the deals are. If some houses in the pack are owned by desperate sellers who keep lowering their price, the rest of the pack follows suit. As those homes sell (desperate owners, meaning short sales, foreclosures or other desperate situations) they cause the values to decline because they are representing what a buyer will pay. So, even if you were able to get a contract on your home, there could be a chance, the appraisal will come back low and if you want to sell, you’ll still have to lower your price.
If you’re thinking about selling, to really see the big picture as it pertains to today’s market you need to speak to an experienced agent. One who won’t sugar coat it or flat out lie to you just to list your home. Of course I’m going to suggest you call me, but feel free to read more on my blog and to check out my about me section. I’m easy to reach either by phone 904-910-3516 or email, pam@pamgraham.com.
Homeowners in Fleming Island and surrounding areas looking to sell or just curious what your home is worth in this current market, request a FREE Home Valuation and within 24 hours, you will receive your home valuation results with no obligation or harassment.
